NU Online News Service, Feb. 15, 3:04 p.m. EST
Arch Capital Group said its 2010 fourth-quarter net income dropped 20 percent compared to the same period in 2009 in part due to December flooding in Australia.
The Hamilton, Bermuda-based insurer and reinsurer said it recorded net losses of approximately $22.5 million for the December floods and expects 2011 first-quarter losses in the range of $30 million to $60 million for subsequent Australian flooding and damage in the region from Cyclone Yasi. Arch said its estimates are based in part on industry-wide loss estimates of $3 billion to $6 billion for the floods and $500 million to $1.5 billion for Yasi.
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